South Korea's Supreme Court Proposes Crypto Asset Seizure and Liquidation Procedures, Set for October Implementation

According to BlockBeats, on July 6, South Korea's Supreme Court proposed amendments to civil execution rules to establish procedures for seizing, holding, and liquidating crypto assets in civil cases.

Under the proposed framework, courts can issue seizure orders prohibiting debtors from disposing of crypto assets, with an execution officer receiving the assets for holding. For liquidation, courts may transfer assets directly to creditors at court-determined values or instruct execution officers to sell through virtual asset service providers (VASPs) or authorized platforms. Assets can also be converted to more liquid cryptocurrencies like Bitcoin if necessary. The Supreme Court will collect public comments until August 11, with amendments scheduled to take effect in October 2026.